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Correlation of euro and oil

Correlation of euro and oil | 19 May 2020

19 May 2020, EUR/USD

EURUSD trading plan:

We are expecting an uptrend to develop. The bullish rally in the commodity market will have a positive impact on the value of the European currency. The report by Energy Intelligence that the Organization of Petroleum Exporting Countries and its allies, a group called OPEC+, may extend the cuts it agreed earlier this spring to the rest of the year. The traders confident that production cuts and the loosening of social distancing requirements will continue to push the supply/demand back towards normalcy. Several U.S. states are also lifting restrictions - Georgia, South Carolina, and Montana had eased restrictions as of May 15 and others including Texas, Maine, and Illinois have partially reopened.

Trading recommendation: Buy 1.0920 and take profit 1.0977.

David Johnson
Analyst of «FreshForex» company
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